The SEC chairman missed the opportunity to remain silent and once again made statements about the cryptocurrency industry. This time, Gary Gensler delivered a speech at the Piper Sandler Global Exchange & Fintech conference, where he referred to the space as fraudulent, driven by scam artists, full of Ponzi schemes, and at the mercy of hucksters.
The SEC chairman made these remarks after taking simultaneous actions against Binance, alleging illegal operations in the market by allowing customers to engage in securities trading on the exchange, and Coinbase, which is being sued for allegedly operating an illegal exchange since 2019.
Gary Gensler and his team's allegations also highlight certain tokens that were previously not considered securities but are now classified as such, subjecting them to scrutiny by the regulator. This includes Matic, Fil, Ada, and ten others.
In his speech at the conference, Gary Gensler mentions several points, such as the existence of laws to be complied with and the SEC's role in protecting investors from companies that operate outside the boundaries of the law. The currently sued exchanges failed in this aspect by operating illegally in the United States.
Therefore, there is an important point in Gary Gensler's speech that led me to say from the beginning that the current chairman of the U.S. Securities and Exchange Commission acknowledges something that may lead to regret in the future. At the start of the speech, he made it clear that he was speaking independently of the SEC and then went on to discuss many things that he would have a lot to disclose if he were to testify, for example, in the Coinbase case.
Read the full excerpt of the speech here: https://www.sec.gov/news/speech/gensler-remarks-piper-sandler-060823#_ftn12
During a 2021 hearing in which he was the main protagonist before Congress, Gary Gensler categorically stated that, according to the current law of the U.S. Securities and Exchange Commission, the agency (SEC) cannot go after any exchange without approval from Congress. However, surprisingly, he proceeded to sue both Binance and Coinbase.
It is worth recalling that Gary Gensler faced harsh criticism from a group of Republican senators for going after Coinbase, as his actions not only harm the exchange but could also let slip an enterprise that has much to offer to the United States and the American treasury, as well as propel the technology industry backed by cryptocurrencies.
Gary Gensler's speech is nothing more than a futile attempt to divert attention from the main issue that everyone is waiting to see resolved: the creation of a clear law to regulate the decentralized digital market. It is not enough to claim to have a law for the traditional securities market when it falls short in regulating the cryptocurrency industry.
Personally, I believe that Gary Gensler's days as SEC chairman are numbered because everything he says or does shows an attempt by the organization to destroy the cryptocurrency market in the U.S., and I sincerely do not understand it. How can a country that sees the European bloc, Asia, the Middle East, and others create laws that support the market want to witness the demise of such a valuable industry?
This will only impoverish the country in terms of technological advancement and hand over the opportunity for other countries to create a technological hub based on cryptocurrencies. Therefore, I believe that Gary's actions do not reflect the consensus among the parties, and many want to see him removed.
If they allow Gary Gensler to continue with his actions, it will not only allow the BRICS (a group of emerging economies) to create their own trading currency, leaving the dollar in serious trouble, but it will also hand over the cryptocurrency market on a silver platter.
In conclusion, Gary and his blunders. As always, I value your opinion on Gary Gensler's statements. What do you think of them? And how do you see the development of the accusations against Binance and Coinbase? Do you think they have a solid foundation to proceed? Your opinion is highly important.
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